Decision makers

Tell Big Oil Companies: It’s Time to Come Clean

More than 1.5 billion people live in countries rich with natural resources like oil and natural gas, but are forced to survive on less than $2 a day. For these people, living near oil and mining companies doesn't mean a share of the wealth – it means environmental damage, loss of land and human rights abuses.

That could change now – the Securities and Exchange Commission (SEC) is about to announce new transparency rules that would require oil companies to open their books and stop hiding secret payments to local governments. This would give poor citizens in resource-rich countries the information they need to combat corruption and ensure that oil payments go where they're needed most.

But the big oil companies such as Chevron, Exxon and ConocoPhillips aren't going to stop their dirty deals without a fight. They've threatened to sue the SEC to keep these new laws from going into effect. With enough public outcry, we can keep that from happening and make sure that communities get the information they need to fight corruption in their countries.

I am writing as a supporter of Oxfam America, and asking you to respect the oil payment disclosure requirements passed by Congress as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Section 1504). The law will improve operating environments for companies, reduce tensions with communities and improve government accountability for the spending of billions of dollars.

Rather than fighting implementation, or threatening to sue the SEC, oil companies should actively support this law. Many oil companies are already disclosing payment information and are not suffering from competitive effects.

If oil companies are proud of the tax contributions they make in the U.S. and around the world, they should let the world know about them and stop shrouding their deals in secrecy.